By FintechOS · January 20, 2021
5 minute read

Retailer eMAG launches the loan with 100% online financing

The credit application can be approved in just ten minutes. The new solution was developed in collaboration with FintechOS.

Retailer eMAG has recently launched an innovative service through which customers can obtain financing for online purchases in less than ten minutes without going to the bank. They can apply for the loan directly to eMAG, due to a technology-based flow that eliminates both physical interaction and time-consuming forms. The online solution has an advantageous interest rate, comparable to the interest rates for personal loans in the market. 

eMAG developed the new solution in collaboration with Idea :: Bank, FintechOS and Bitnovel. 

The online service is based on a new identification process and on an evaluation model that takes into account the customer’s order history on eMAG, as well as his or her payment history at the Credit Bureau. Customers can finance their shopping cart in two simple steps, as follows: 

  • The customer adds to the cart the desired products and chooses the payment in eCREDIT instalments through Idea :: Bank – Smart shopping. For identificationhe or she sends a photo with the ID card. In a few seconds, the customer receives an SMS code that validates the phone number and then sends a video selfie. 
  • The bank analyzes the client’s financing request on the spot and sends the answer online. Immediately afterthe client automatically signs the credit agreement electronically, using the code sent via SMS. 

We are updating and improving our available payment services in order to offer our customers a better experience. Time is a precious resource, and now, with a smartphone only, our customers can get approved for financing in up to ten minutes through a simple and intuitive flow, in which online funding is reduced to a single field that must be completed, said Mircea Balica, eMAG financial services manager. 

The Idea :: Bank – Smart online shopping financing solution is an adaptation of modern banking to e-commerce: in addition to the products purchased in the shopping cart, the customer also receives a financing solution without going to the bank, with a minimal effort, 100% onlineThe solution is unique and innovative on the Romanian banking market because the credit granting criteria are adapted to the client’s history on eMAG’s platform. In other words, the more frequently and more recently the customer bought in the online store, the better the chances of approving the loan. We are confident in the future of online lending and we are honoured to launch this partnership, ”said Alin Daniel Fodoroiu, Executive Vice President of Idea :: Bank. 


About eMAG 

Romanian company founded in 2001, eMAG is a pioneer of the Romanian online commerce market and has become a regional leader, successfully exporting the local model to Bulgaria and Hungary. For 19 years, the company has been constantly investing in services based on technologies developed in Romania, which help customers save time and money. 

With a growing range of products both through its own offering and through its partners in the Marketplace, eMAG is the place where anyone can search and order anything, from anywhere. Customers benefit from value-added services such as easy box delivery and fast delivery via tazz by eMAG, Genius premium service for subscribers, 30 days right of return, fast money back via Instant Money Back, opening the package upon delivery, call center 24 / 7, financing in instalments through eCredit and the mobile application. 

About FintechOS 

FintechOS ( provides financial institutions from more than 20 markets, on four continents, with access to state-of-the-art technology that accelerates the digital transformation of customer interactions. 

FintechOS’s core technology allows financial services providers to redefine the customer experience, offering them a complete digital journey through intelligent automation of digital processes. The products and experiences are hyper-customized for each customer. 

Recently, FintechOS was recognised as The Hottest European Fintech Startup of the Year, according to a jury of reputed tech founders, investors and journalists. The title was awarded for the way FintechOS is “helping banks and insurers accelerate digital transformation and build end-to-end digital products in weeks rather than months. In 24 months, FintechOS onboarded 40+ Financial Services clients across the world, with $25bn under management, and opened offices in London, Amsterdam, Vienna and Bucharest.” 

About Idea :: Bank 

Idea :: Bank Romania offers products and services to individuals and SMEs, relying on the development of new technologies (internet and digital banking) and having a selective territorial spread, operating with 33 branches nationwide. Idea :: Bank Romania is an independent entity of the Getin Holding group, with a strategy adapted to the local market. Getin Holding Group is one of the most dynamic financial groups listed on the Warsaw Stock Exchange (MWIG 40 index), with extensive operations in Central and Eastern Europe, with expertise in retail banking and leasing and over 6,000 employees. Details on, Facebook page – and the Idea Bank YouTube channel.

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